Key indicators of the Turks and Caicos Islands economy are selected in the table below. Real GDP is estimated at (26.3) percent in 2020.
TURKS AND CAICOS ISLANDS MACRO - ECONOMIC DATA ESTIMATES: 2014 - 2020p
A brief synopsis on the economic developments in the TCI to date can be considered as very encouraging. Based on the performance for 2020 due to the pandemic, the Department of Statistics is forecasting that the economy is on course to experiencing economic growth in 2021.
The developments for the TCI economy are estimated as follows:
- Turks and Caicos projected GDP growth for 2020 was (26.3)% in 2020;
- Inflation increased to 2.3% in 2020;
- Imports increased by 0.8% in 2019;
- Exports decreased by 9.4% for 2019;
- Cruise arrivals increased by 8.8% for 2019;
- Stay over arrivals increased by 6.0% for 2018;
The Turks and Caicos Islands Merchandise imports totaled approximately $487,6 million in 2019, representing an increase of $3.9 million or 0.8 percent when compared to the compared to the same period in 2018. Exports from the TCI during this period were valued at $5.3 million when compared to $5.8 million during the same period in 2018. This resulted in an overall merchandise trade deficit of approximately ($482 million) in 2019 and an increase in the overall trade balance by more than 0.8% or $4 million. The increase in the trade deficit is mainly because of the $3.9 million increase in the value of imports. The dismal export performance reflects primarily the range of goods exported from the Turks and Caicos Islands. By contrast, it is projected that imports will increase over the period 2019 to 2021, especially imports related to construction materials as the construction activity within the TCI continues and new projects are implemented.
Value of Imports by Month for the Period January to December: 2005 - 2019p
STAY OVER ARRIVALS
The tourism sector is the major contributing sector to the Turks and Caicos Islands GDP or the main pillar of the TCI economy. Stay-over arrivals to the Turks and Caicos Islands decreased by approximately 8.2 percent in 2017 when compared to 2016. This accounted for 37,178 less visitors to the islands. This decrease can be mainly attributed to the two hurricanes that affect the islands in September 2017 and forced the closure of major hotel properties and villas, along with the cancellation of flights to the TCI during the period September to December 2017. In 2018, stay-over arrivals increase by 6.0 percent and is expected to increase over the next three (3) years.
Stayover Arrivals January to December 2012 - 2021p
Cruise ship passengers arrivals for the reporting period amounted to 1,111,818 compared to 1,021,741 in 2018. This indicates a 8.8 percent increase or 90,077 more visitors' when comparing the periods 2018 and 2018. In addition the Cruise Center also welcomed more ships in 2019, hosting 354, when compared to 320 ships called in 2018 which represents an increase of 10.6 percent or 34 more ships.